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Sphere Entertainment SPHR Q4 2025 Annual earnings

Reported February 12, 2026 · Before market open

Revenue$394.3MBeat by $22.3M
EPS$1.23Beat by $1.35
Revenue estimate$372.0M
EPS estimate-$0.12

Next report

Nov 3, 2026 (in a month)
Revenue estimate$284.3M
EPS estimate-$1.54

Financials

Q4 2025

Income statement

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Revenue$394.3M+93.0%
Net income$64.7M+302%
EPS (diluted)$1.61+289%

Balance sheet

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Cash & equivalents$521.3M+1.1%
Total debt$961.5M-35.4%
Total equity$2.2B+1.4%
Total assets$4.2B-6.8%

Cash flow

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Operating cash flow$180.2M—
CapEx$15.2M—
Free cash flow$165.0M+1,015%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$3.36B+133%
Enterprise value$3.8B+57.2%
P/E100.5×—
P/S2.8×+1.3×

Profitability

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Net margin2.7%+1.4pp
FCF margin15.7%+9.6pp

Returns & leverage

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Return on equity1.5%+0.8pp
Debt / equity0.4×-0.2×
Current ratio1.1×+0.5×

Segments

By product

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Ticketing and venue license fee revenues$211.0M+665%
Media networks revenues$120.1M-22.9%
Sponsorship, signage, Exosphere advertising, and suite license revenues$32.2M+146%
Food, beverage, and merchandise revenues$27.6M+334%

By segment

See full
Sphere$274.2M+465%
MSG Networks$120.1M-22.9%

FAQ

When did Sphere Entertainment report Q4 2025 earnings?
Sphere Entertainment (SPHR) reported Q4 2025 earnings on February 12, 2026 before market open.
What were Sphere Entertainment's Q4 2025 revenue and EPS?
Sphere Entertainment reported revenue of $394.3M and eps of $1.23 for Q4 2025.
Did Sphere Entertainment beat estimates in Q4 2025?
Revenue beat the consensus estimate of $372.0M by $22.3M. EPS beat the consensus estimate of $-0.12 by $1.35.
How did Sphere Entertainment's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 44.2% from $273.4M a year earlier.
Where can I find Sphere Entertainment's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-007482) and the 10-K periodic report (0001628280-26-007760) directly on SEC EDGAR. The filing index links above go to sec.gov.